Spade, a trailblazer in real-time merchant intelligence, has recently concluded a successful $10m Series A funding round.
This significant financial boost was spearheaded by Flourish Ventures, with ongoing backing from a16z, Gradient Ventures, Y Combinator, Dash Fund, and Everywhere Ventures (The Fund).
At its core, Spade is redefining the way card issuers access and use merchant data. In an era where nearly two billion credit card transactions are processed daily, Spade emerges as a solution to the outdated infrastructure that has been in place since the 1960s. Their innovative approach addresses the crucial problem of obscured merchant information in transaction data, which has been a long-standing issue for both card issuers and consumers.
The company’s vision extends to using this fresh capital for ambitious goals. Spade plans to expand its team and further develop its merchant intelligence products. More significantly, the company aims to extend its reach beyond the United States, envisioning a global impact on the card ecosystem.
Flourish Ventures partner Kabir Kumar said, “This problem hasn’t been solved for lack of trying, but Spade is truly differentiated on both depth of data powering their enrichment and speed – in a payment transaction authorization window, every millisecond counts.
“Over the last year, Spade has demonstrated it can be a critical part of the answer to card fraud, disputes and chargebacks for a range of companies from large-scale global fintechs to banks. We’re thrilled to work with Oban, Cooper and Tess and for Spade to become part of Flourish’s portfolio of companies with the ambition to evolve key components of the financial infrastructure.”
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